Larry Ellison steps down as Oracle CEO, but stays with the company

Larry Ellison, co-founder and longtime CEO of the software giant Oracle, has stepped down from his post to assume the position of executive chairman and chief technology officer. The move is effective immediately, CNBC reports.

In his place will be two CEOs, Mark Hurd and Safra Catz, sharing the title and dividing responsibilities, the company said. Manufacturing, legal and finance will be run by Catz while sales, service and business units will be run by Hurd.

Ellison isn’t going anywhere, though. According to the report, he will still be working full time at the company in his new, lesser role, in charge of software and hardware engineering.

Both Hurd and Catz have been presidents of Oracle since 2010. Hurd was formerly chairman and CEO of Hewlett-Packard, but stepped down from that role in a storm of financial and corporate controversy. Catz, also the company’s current CFO, has been at Oracle since 1999.